Oceaneering Announces $250 Million Revolving Credit Agreement

January 6, 2004 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that it has entered into a four-year, $250 million revolving credit agreement with Wells Fargo Bank, N.A. (Wells Fargo); HSBC Bank USA (HSBC); Comerica Bank (Comerica); Den norske Bank ASA (DnB); Bank One, NA (Bank One); The Bank of Tokyo-Mitsubishi, Ltd.; and Southwest Bank of Texas, N.A. The amount available under the credit agreement can be increased to $300 million at any time upon the agreement of Oceaneering and existing or additional lenders.

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